Auditor Report of Pincon Spirit Ltd.

Mar 31, 2016

Report on the Financial Statements

We have audited the accompanying Financial Statements of Pincon Spirit Limited ("the Company"), which comprise the Balance Sheetas at 31st March, 2016, the Profit and Loss Statement, the Cash Flow Statement for the year ended 31st March, 2016 and a summaryof significant Accounting Policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act")with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financialposition, financial performance and cash flows of the Company in accordance with the Accounting Principles generally accepted inIndia including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracyand completeness of the accounting records, relevant to the preparation and presentation of the Financial Statements that give atrue and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these Standalone Financial Statements based on our Audit.

We have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to beincluded in the Audit Report under the provisions of the Act and the Rules made there under. We conducted our Audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the Audit to obtain reasonable assurance about whether the Financial Statements are free frommaterial misstatements.

An Audit involves performing procedures to obtain Audit evidence about the amounts and disclosures in the Financial Statements.The procedures selected depend on the Auditors'' judgment, including the assessment of the risks of material misstatement of theFinancial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financialcontrol relevant to the Company''s preparation of the Financial Statements that give a true and fair view in order to design Auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over Financial Reporting and the operating effectiveness of suchcontrols. An Audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the Financial Statements.

We believe that the Audit evidence we have obtained is sufficient and appropriate to provide a basis for our Audit opinion on theStandalone Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid FinancialStatements give the information required by the Act in the manner so required and give a true and fair view in conformity withthe accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2016, and itsprofit and its cash flows for the year ended on that date.

Report On Other Legal And Regulatory Requirements

1. As required by The Companies (Auditor''s Report) Order, 2015'', issued by the Central Government of India in terms of Sub-section (11) of Section 143 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information and explanations given to us, we give in theAnnexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessaryfor the purposes of our audit;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from ourexamination of those books.

c) The Balance Sheet, the Profit and Loss Statement, and the Cash Flow Statement dealt with by this Report are in agreement withthe books of account.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under Section 133of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e) On the basis of the written representations received from the Directors as on March 31, 2016, taken on record by the Board ofDirectors, none of the directors is disqualified as on March 31, 2016, from being appointed as a Director in terms of Section 164(2) of the Act.

f) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its Financial position in its Financial Statements as referredto in the Note to the Financial Statements.

(ii) The Company has made provision, as required under the applicable law or Accounting Standards, for material foreseeablelosses, if any, and as required on long-term contracts including derivative contracts.

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fundby the Company.

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fxedassets;

(b) The substantial portion of fixed assets have been physically verified by the management at reasonable intervals having regardto the size of the Company and the nature of assets. No material discrepancies were noticed on such physical verification.

2. (a) The inventory (excluding stocks with third parties) has been physically verified by the Management during the year. Inrespect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency ofverification is reasonable.

(b) The procedures of physical verification of inventories followed by the Management are reasonable and adequate in relation tothe size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records ofinventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and havebeen properly dealt within the books of account.

3. (a) The Company has not granted any loan during the year.

(b) There is no overdue amount of loans granted to companies, firms and other parties covered in the register maintained undersection 189 of the Companies Act, 2013

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedurescommensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets andwith regard to the sale of goods and services. During the course of our audit, no major weakness has been noticed in theinternal controls system.

5. In our opinion and according to the information and explanations given to us, the Company has not accepted any depositswithin the meaning of provisions of sections of 73 to 76 or any other relevant provisions of the Companies Act, 2013 and therules framed there under. In our opinion and according to the information and explanations given to us, no order has been passedby the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any other Tribunal against theCompany.

6. We have broadly reviewed the books of account relating to materials, labor and other items of cost maintained by the Companypursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 (1) of the CompaniesAct, 2013 and are of the opinion that, prima facie, the prescribed accounts and record have been made and maintained.

7. (a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax,Wealth Tax, Custom Duty, Excise Duty, Service Tax, Value Added Tax , Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax,Sales Tax, Customs Duty and Excise Duty, Service Tax, Value Added Tax, Cess etc. were outstanding as at 31st March, 2016 for aperiod of more than six months from the date they became payable.

(c) According to the records of the Company, no dues outstanding of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty,Service Tax, Value Added Tax, and Cess on account of any dispute.

(d) According to the information and explanation given to us and records of the Company examined by us, the Company is notrequired to transfer amount to investor education and protection fund in accordance with the provisions of the Companies Act,2013 and the rules made hereunder.

8. The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current andimmediately preceding financial year.

9. In our opinion and according to the information and explanations given by the management, we are of the opinion that theCompany has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

10. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

11. In our opinion, and according to the information and explanations given to us, the term loans have been applied, on anoverall basis, for the purposes for which they were obtained.

12. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the Financial Statements andas per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed orreported during the year.

For D.N. Misra & Co.

Chartered Accountants

Firm Registration No. 312021E

Sd/-

D.N. Misra

Place: Kolkata Proprietor

Date: 28.04.2016 Membership No.:050440

Mar 31, 2015

We have audited the accompanying financial statements of Pincon Spirit
Limited ("the Company"), which comprise the Balance Sheet as at 31
March 2015, the Profit and Loss Statement, the Cash Flow Statement for
the year then ended and a summary of significant accounting policies
and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone
financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under. We conducted our audit in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor's
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's directors, as well as
evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.

OPINION

In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid Standalone Financial Statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31, 2015 and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1) As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of sub-
section (11) of Section 143 of the Act, based on the comments in the
auditors' reports of the Holding Company, Subsidiary Companies,
Associate Companies incorporated in India, we give in the Annexure a
statement on the matter, to the extent applicable.

2) As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;

b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.

c) The Balance Sheet, the Profit and Loss Statement, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.

d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014;

Independent Auditor's Report (continued)

e) On the basis of the written representations received from the
directors as on March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164 (2) of the
Act.

f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements as referred to in the
Note to the financial statements.

(ii) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
and as required on long-term contracts including derivative contracts.

(iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.

Annexure to the Auditor's Report

The Annexure referred to in our Report to the Members of Pincon Spirit
Limited for the year Ended on 31.03.2015. We report that:

1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets; (b) The Substantial portion of fixed assets have been
physically verified by the management at reasonable intervals having
regard to the size of the company and the nature of assets. No material
discrepancies were noticed on such physical verification.

2. (a) The inventories have been physically verified during the period
by the management. In our opinion, the frequency of verification is
reasonable.

(b) The procedures of physical verification of inventories followed by
the Management are reasonable and adequate in relation to the size of
the Company and the nature of its business.

(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material and have been properly dealt
with in the books of account.

3. (a) The company has not granted any loan during the year.

(b) There is no overdue amount of loans granted to companies, firms and
other parties covered in the register maintained under section 189 of
the companies act, 2013

4. In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, no major weakness
has been noticed in the internal controls system.

5. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
meaning of provisions of sections of 73 to 76 or any other relevant
provisions of the Companies Act, 2013 and the rules framed there under.
In our opinion and according to the information and explanations given
to us, no order has been passed by the Company Law Board or the
National Company Law Tribunal or the Reserve Bank of India or any other
Tribunal against the company.

6. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 148 (1) of the Companies Act,
2013 we are of the opinion that prima facie the prescribed accounts and
records have been made and maintained.

7.a) According to the records of the company, the company is regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education & Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Service Tax, Value Added Tax , Cess and other
material statutory dues applicable to it.

b) According to the information and explanations given to us, no
undisputed amount payable in respect of Income Tax, Wealth Tax, Sales
Tax, Customs Duty and Excise Duty, Service Tax, Value Added Tax, Cess
etc. we're outstanding as at 31st March, 2015 for a period of more than
six months from the date they became payable.

c) According to the information and explanations given to us, and
records of the company examined by us, no dues of Sales Tax, Income
Tax, Customs Duty, Wealth Tax, Excise Duty, Service Tax, Value Added
Tax, Cess, which have not been deposited on account of any dispute.

d) According to the information and explanations given to us and
records of the company examined by us, the company is not required to
transfer amount to investor education and protection fund in accordance
with the relevant provisions of the Companies Act,1956(1 of 1956) and
rules made there under to such fund within time.

8. The company has no accumulated losses as at 31st March 2015 and has
not incurred any cash losses during the financial period covered by our
audit and in the immediately preceding financial period.

9. In our opinion and according to the information and explanations
given by the management, we are of the opinion that the company has not
defaulted in repayment of dues to a financial institution, bank or
debenture holders.

10. The company hasn't given any guarantee for loans taken by others
from bank or financial institutions

11. The company has no term loan outstanding during the year.

12. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.

For D.N. Misra & Co.

Chartered Accountants

Firm Registration No. 312021E

Place: Kolkata

Date: May 21, 2015 Sd/-

D.N. Misra

Proprietor

Membership No.:050440

Mar 31, 2014

I have audited the accompanying financial statements of M/s. Pincon
Spirit Limited (the Company), which comprise the Balance Sheet as at 31
March 2014, & the Statement of Profit and Loss and for the year then
ended, and a summary of significant accounting policies and other
explanatory information.

Management''s Responsibility for the Financial Statements

The Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 (the
Act) read with the General Circular 15/2013 dated 13th September, 2013
of the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013 and in accordance with the accounting principles
generally accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.

Auditor''s Responsibility

My responsibility is to express an opinion on these financial
statements based on my audit. I have conducted audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that I comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion of on the effectiveness of the
Company''s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation ofthe financial statements.

I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for my audit opinion.

Opinion

In my opinion and to the best of my information and according to the
explanations given to me, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:

i. In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;

ii. In the case ofthe Statement of Profit and Loss, ofthe profit for
the year ended on that date; and

iii. In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, I give in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the Order.

2. As required by section 227(3) of the Act, I report that:

a) I have obtained all the information and explanations which to the
best of my knowledge and belief was necessary for the purpose of my
audit;

b) In my opinion, proper books of account as required by law have been
kept by the Company so far as appears from my examination ofthose
books;

c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.

d) In my opinion, the Balance Sheet & Statement of Profit and Loss
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 ofthe Companies Act, 1956; and

e) On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.

The Annexure referred to in paragraph 1 of the My Report of even date
to the members of M/s. Pincon Spirit Limited, on the accounts of the
company for the year ended 31st March, 2014.

On the basis of such checks as I considered appropriate and according
to the information and explanation given to me during the course of my
audit, I report that:

1. In respect of its fixed assets

a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.

b) As explained to me, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.

c) In my opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.

2. In respect of Inventories

a) As explained to us, inventories have been physically verified during
the year by the management at reasonable intervals.

b) In my opinion and according to the information and explanations
given to me, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.

c) In my opinion and on the basis of my examination of the records, the
Company is generally maintaining proper records of its inventories. No
material discrepancy was noticed on physical verification of stocks by
the management as compared to book records.

3. In respect of the loans, secured or unsecured, granted or taken by
the Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:

a) The Company has given loans to two subsidiaries. In respect of the
said loans, the maximum amount outstanding at any time during the year
was Rs. 41,000,000.00 and the year-end balance is Rs. 41,000,000

b) In my opinion and according to the information and explanations
given to me, the rate of interest and other terms and conditions of the
loans given by the Company, are not prima facie prejudicial to the
interest of the Company.

c) The principal amounts are repayable after period of three years, at
the demand of the Company.

d) In respect of the said loans and interest thereon, there are no
overdue amounts.

e) According to the information and explanations given to me and on the
basis of my examination of the books of account, the Company has taken
loans from its Director, listed in the register maintained under
Section 301 of the Companies Act, 1956.

f) In my opinion and according to the information and explanations
given to me, the rate of interest and other terms and conditions of the
loans taken by the Company, are not prima facie prejudicial to the
interest of the Company.

g) The principal amounts are repayable on demand made by the borrower
at any time after the completion of two year from disbursement of loan.

4. In my opinion and according to the information and explanations
given to me, there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of my audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.

5. In respect of the contracts or arrangements referred to in Section
301 ofthe Companies Act, 1956:

a) In my opinion and according to the information and explanations
given to me, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.

b) In my opinion and according to the information and explanations
given to me, the transactions made in pursuance of contracts /
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in
respect of each party during the year have been made at prices which
appear reasonable as per information available with the Company.

6. According to the information and explanations given to me, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.

7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.

8. As per information & explanation given by the management,
maintenance of cost records is not required by the company as
prescribed by the Central Government under clause (d) of sub-section
(1) of section 209 of the Act.

9. In respect of Statutory dues

a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Taxes, Custom Duty, Excise Duty, cess to
the extent applicable and any other statutory dues have generally been
regularly deposited with the appropriate authorities. According to the
information and explanations given to me there was no outstanding
statutory dues as on 31st of March, 2014 for a period of more than six
months from the date they became payable.

b) According to the information and explanations given to me, there is
no material amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty and excise duty which have not
been deposited on account of any disputes.

10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by my audit and in
the immediately preceding financial year.

11. Based on my audit procedures and on the information and
explanations given by the management, I am of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.

12. According to the information and explanations given to me, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.

14. According to information and explanations given to me, the Company
is not trading in Shares, Mutual funds & other Investments.

15. According to the information and explanations given to me, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.

16. Based on the information given by the management, I report that
the company has raised Rs. 300,000,000.00 unsecured loans from its
Director in such terms and condition which in my opinion is not
detrimental to the interest ofthe Company and its stake holders.

17. Based on the information and explanations given to me and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, I report that no funds raised on short-term basis have
been used for long-term investment by the Company.

18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956

19. The Company has no outstanding debentures during the period under
audit.

20. The Company has not raised any money by public issue during the
year.

21. According to the information and explanations given to me, no
material fraud on or by the Company has been noticed or reported during
the course of my Audit.

Place: Kolkata
Date: June 17, 2014

Sd/-
CA Anupam Sarkar
Chartered Accountant
Membership No: 050083

Mar 31, 2013

I have audited the attached Balance Sheet of PINCON SPIRIT LIMITED as
at 31st March 2013 and the Profit & Loss Account for the year ended on
that date annexed thereto and cash flow statement for the year ended on
that date. These financial statements are the responsibility of the
Company''s management. My responsibility is to express an opinion on
these financial statements based on my audit.

1. I conducted my audit in accordance with Auditing standards
generally accepted in India. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as Ill as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.

2. As required by the Companies (Auditor''s Report) Order, 2003 as
Amended by the Companies (Auditor''s Report) Amendment order, 2004
(together the Order) issued by the Central Government of India in terms
of section 227 (4A) of the Companies Act. 1956, and on the basis of
such checks of the books and records of the company as I considered
appropriate and according to the information and explanations given to
us., I enclose in the Annexure hereto a statement on the matters
specified in paragraph 4 and 5 of the said order.

3. Further to my commitments in the Annexure referred to in paragraph
2 above, I report that

a. I have obtained all the information and explanations, which to the
best of my knowledge and belief were necessary for the purpose of my
audit.

b. In my opinion, proper books of account as required by law have been
kept by the Company so far as appears from my examination of those
books.

c. The Balance Sheet, Profit and Loss Account and dealt with by this
report are in agreement with the books of account of the Company.

d. In my opinion, the Balance sheet, Profit and Loss Account comply
with the accounting standards referred to in section 211(3C) of the
Companies Act. 1956.

e. On the basis of the representation received from the directors, as
on March 31. 2013 and taken on record by the Board of Directors, I
report that none of the directors is disqualified as on March 31, 2013
from being appointed as a director in terms of section 274 (1) (g).

f. In my opinion and to the best of my information and according to
the explanations given to us, the said accounts read together with the
significant Accounting policies and other notes thereon give the
information require by the Companies Act. 1956 in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India:

(i) In so far as relates to Balance sheet, ofthe state of affairs of
the Company as at 31st March 2013:

(ii) In so far as relates to the Profit and Loss Account of the Profit
of the Company for the year ended on that date.

(iii) In the case of Cash Flow Statement, of the cash flows for the
year ended on that date.

Annexure referred to in Paragraph 2 of my report of even date

1. Fixed Assets

a. The company has maintained updated proper records showing full
particulars, including quantitative details and situation of fixed
assets.

b. The fixed assets Ire physically verified by the management in
accordance with a programme of verification, which in my opinion is
adequate with relation to the size of the company and the nature of
assets. According to the information & explanation given to us, no
material discrepancies Ire noticed on such verification.

c. The Company has not disposed off any part of its fixed assets
during the year.

2. Inventory.

a. As explained to us physical verification of Inventory conducted by
Management at reasonable intervals. In our Opinion, the frequency of
verification is reasonable.

b. In my opinion and to the best of my information and according to
the explanations given to us Procedures followed by the Management for
Physical verification are reasonable & adequate.

c. In my opinion and to the best of my information and according to
the explanations given to us proper Books of Accounts & documents are
maintained by the management of the Company and no discrepancies
noticed on physical verification as compared to books records are not
material and are dealt in books of accounts properly.

3. The Company hasn''t raised any fund during the year under review.

4. In my opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.

5. Based on my audit procedures applied by us and according to the
information and explanation provided by the management, there are no
transactions that need to be entered into the register maintain under
section 301 of the Act.

6. The company has not received any public deposits during the
financial year, therefore compliance of section 58A and 58AA of the
companies Act. 1956 is not applicable.

7. In my opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.

8. The Company is not required to maintain Cost record under Section
209 (1) (d) of the Companies Act. 1956.

9. (a) In my opinion and according to the information and explanations
given to us, undisputed statutory dues including Provident Fund, Income
Tax and any other statutory dues have been regularly deposited in time
during the year with appropriate authorities and there no undisputed
statutory dues payable for a period of more than six months from the
date of becoming payable as at 31st March 2013.

(b) In my opinion and according to the information & explanations given
to us, there are no dues in respect of income tax and wealth tax that
have not been deposited on account of any dispute.

10. The Company does not have any accumulated loss at the end of
Financial Year and had not incurred cash loss during the year under
review.

11. According to the records of the Company examined by me and the
information and explanations given to me, company has not defaulted in
repayment of due to any financial institutions or banks or debenture
holders as at the balance sheet date.

12. According to the information & explanations given to me, the
Company has not granted any loans and advances on the basis security by
way of pledge of shares, debentures and other securities.

13. In my opinion, the Company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, clause 4 (xiii) ofthe Companies
(Auditor''s Report) order 2003 is not applicable to the company.

14. In my opinion, the Company has maintained records of transactions
& contracts in respect of trading in securities & Commodities & other
investments and timely entries have been made therein. As explained.

15. The Company had not provided any guarantee for any loan given by
the Bank/ Financial Institutions.

16. In my opinion, according to the information and explanations given
to us, the Company has not given any guarantee for loans taken by
others from banks and financial institutions. Hence the clause is not
applicable.

17. In my opinion, the Company has not raised any term loan.
Therefore, the provisions of Clause 4(xvi) of the Order are not
applicable to the Company.

18. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of Company, I report that
as the Company has not raised any fund on short-term basis so reporting
under this clause is not required.

19. According to the information and explanations given to me, the
Company has not made any preferential allotment of shares to any
parties or companies covered in the register maintained under section
301 of the Companies Act. 1956.

20. The Company has not raised any money through a public issue during
the year.

21. During the period of my examination of the books and records of
the Company, carries out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations provided by the Management, I report that no fraud on or
by the Company has been noticed or reported during the year.

for CA. Anupam Sarkar
Chartered Accountant

Place: Kolkata
Date: May 02, 2013

Sd/-
Anupam Sarkar
Membership No.: 050083

Mar 31, 2012

I have audited the attached Balance Sheet of PINCON SPIRIT LIMITED as
at 31st March 2012 and the Profit & Loss Account for the year ended on
that date annexed thereto and cash flow statement for the year ended on
that date. These financial statements are the responsibility of the
Company''s management. My responsibility is to express an opinion on
these financial statements based on my audit.

1. I conducted my audit in accordance with Auditing standards
generally accepted in India. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as Ill as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.

2. As required by the Companies (Auditor''s Report) Order, 2003 as
Amended by the Companies (Auditor''s Report) Amendment order, 2004
(together the Order) issued by the Central Government of India in terms
of section 227 (4A) of the Companies Act. 1956, and on the basis of
such checks of the books and records of the company as I considered
appropriate and according to the information and explanations given to
us., I enclose in the Annexure hereto a statement on the matters
specified in paragraph 4 and 5 ofthe said order.

3. Further to my commitments in the Annexure referred to in paragraph
2 above, I report that

a. I have obtained all the information and explanations, which to the
best of my knowledge and belief were necessary for the purpose of my
audit.

b. In my opinion, proper books of account as required by law have been
kept by the Company so far as appears from my examination of those
books.

c. The Balance Sheet, Profit and Loss Account and dealt with by this
report are in agreement with the books of account of the Company.

d. In my opinion, the Balance sheet, Profit and Loss Account comply
with the accounting standards referred to in section 211(3 C) of the
Companies Act. 1956.

e. On the basis of the representation received from the directors, as
on March 31. 2012 and taken on record by the Board of Directors, I
report that none of the directors is disqualified as on March 31, 2012
from being appointed as a director in terms of section 274 (1) (g).

f. In my opinion and to the best of my information and according to
the explanations given to us, the said accounts read together with the
significant Accounting policies and other notes thereon give the
information require by the Companies Act. 1956 in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India:

(i) In so far as relates to Balance sheet, ofthe state of affairs of
the Company as at 31st March 2011:

(ii) In so far as relates to the Profit and Loss Account of the Profit
of the Company for the year ended on that date.

(iii) In the case of Cash Flow Statement, of the cash flows for the
year ended on that date.

Annexure referred to in Paragraph 2 of my report of even date

1. Fixed Assets

a. The company has maintained updated proper records showing full
particulars, including quantitative details and situation of fixed
assets.

b. The fixed assets Ire physically verified by the management in
accordance with a programme of verification, which in my opinion is
adequate with relation to the size of the company and the nature of
assets. According to the information & explanation given to us, no
material discrepancies Ire noticed on such verification.

c. The Company has not disposed off any part of its fixed assets
during the year.

2. Inventory.

a. As explained to us physical verification of Inventory conducted by
Management at reasonable intervals. In our Opinion, the frequency of
verification is reasonable.

b. In my opinion and to the best of my information and according to
the explanations given to us Procedures followed by the Management for
Physical verification are reasonable & adequate.

c. In my opinion and to the best of my information and according to
the explanations given to us proper Books of Accounts & documents are
maintained by the management of the Company and no discrepancies
noticed on physical verification as compared to books records are not
material and are dealt in books of accounts properly.

3. The Company hasn''t raised any fund during the year under review.

4. In my opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.

5. Based on my audit procedures applied by us and according to the
information and explanation provided by the management, there are no
transactions that need to be entered into the register maintain under
section 301 of the Act.

6. The company has not received any public deposits during the
financial year, therefore compliance of section 58A and 58AA of the
companies Act. 1956 is not applicable.

7. In my opinion, the internal audit system ofthe Company is
commensurate with its size and nature of its business.

8. The Company is not required to maintain Cost record under Section
209 (1) (d) of the Companies Act. 1956.

9. (a) In my opinion and according to the information and explanations
given to us, undisputed statutory dues including Provident Fund, Income
Tax and any other statutory dues have been regularly deposited in time
during the year with appropriate authorities and there no undisputed
statutory dues payable for a period of more than six months from the
date of becoming payable as at 31st March 2012.

(b) In my opinion and according to the information & explanations given
to us, there are no dues in respect of income tax and wealth tax that
have not been deposited on account of any dispute.

10. The Company does not have any accumulated loss at the end of
Financial Year and had not incurred cash loss during the year under
review.

11. According to the records of the Company examined by me and the
information and explanations given to me, company has not defaulted in
repayment of due to any financial institutions or banks or debenture
holders as at the balance sheet dat e.

12. According to the information & explanations given to me, the
Company has not granted any loans and advances on the basis security by
way of pledge of shares, debentures and other securities.

13. In my opinion, the Company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, clause 4 (xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the company.

14. In my opinion, the Company has maintained records of transactions
& contracts in respect of trading in securities & Commodities & other
investments and timely entries have been made therein. As explained.

15. The Company had not provided any guarantee for any loan given by
the Bank/ Financial Institutions.

16. In my opinion, according to the information and explanations given
to us, the Company has not given any guarantee for loans taken by
others from banks and financial institutions. Hence the clause is not
applicable.

17. In my opinion, the Company has not raised any term loan.
Therefore, the provisions of Clause 4(xvi) of the Order are not
applicable to the Company.

18. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of Company, I report that
as the Company has not raised any fund on short-term basis so reporting
under this clause is not required.

19. According to the information and explanations given to me, the
Company has not made any preferential allotment of shares to any
parties or companies covered in the register maintained under section
301 of the Companies Act. 1956.

20. The Company has not raised any money through a public issue during
the year.

21. During the period of my examination of the books and records of
the Company, carries out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations provided by the Management, I report that no fraud on or
by the Company has been noticed or reported during the year.

for CA. Anupam Sarkar
Chartered Accountant

Place: Kolkata
Date: May 08, 2012

Anupam Sarkar
Membership No.: 050083

Mar 31, 2011

I have audited the attached Balance Sheet of PINCON SPIRIT LIMITED
(Formerly M/S SARANG VINIYOG LIMITED) as at 31st March 2011 and the
Profit & Loss Account for the year ended on that date annexed thereto
and cash flow statement for the year ended on that date. These
financial statements are the responsibility ofthe Company''s management.
My responsibility is to express an opinion on these financial
statements based on my audit.

1. I conducted my audit in accordance with Auditing standards
generally accepted in India. Those standards require that I plan and
perform the audit to obtain reasonable assurance about Whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as Ill as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.

2. As required by the Companies (Auditor''s Report) Order, 2003 as
Amended by the Companies (Auditor''s Report) Amendment order, 2004
(together the Order) issued by the Central Government of India in terms
of section 227 (4A) of the Companies Act. 1956, and on the basis of
such checks of the books and records of the company as I considered
appropriate and according to the information and explanations given to
us., I enclose in the Annexure hereto a statement on the matters
specified in paragraph 4 and 5 of the said order.

3. Further to my commitments in the Annexure referred to in paragraph
2 above, I report that

a. I have obtained all the information and explanations, which to the
best of my knowledge and belief Ire necessary for the purpose of my
audit.

b. In my opinion, proper books of account as required by law have been
kept by the Company so far as appears from my examination of those
books.

c. The Balance Sheet, Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account of the Company.

d. In my opinion, the Balance sheet, Profit and Loss Account and the
Cash Flow Statement comply with the accounting standards referred to in
section 211(3C) of the Companies Act. 1956.

e. On the basis ofthe representation received from the directors, as
on March 31. 2011 and taken on record by the Board of Directors, I
report that none of the directors is disqualified as on March 31, 2011
from being appointed as a director in terms of section 274 (1) (g).

f. In my opinion and to the best of my information and according to
the explanations given to me, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information require by the Companies Act. 1956 in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India:

(i) In so far as relates to Balance sheet, ofthe state of affairs of
the Company as at 31st March 2011:

(ii) In so far as relates to the Profit and Loss Account of the Profit
of the Company for the year ended on t hat dat e.

(iii) In the case of Cash Flow Statement, of the cash flows for the
year ended on that date.

Annexure referred to in Paragraph 2 of my report of even date

1. Fixed Assets

a. The company has maintained updated proper records showing full
particulars, including quantitative details and situation of fixed
assets.

b. The fixed assets are physically verified by the management in
accordance with a programme of verification, which in my opinion is
adequate with relation to the size of the company and the nature of
assets. According to the information & explanation given to us, no
material discrepancies are noticed on such verification.

c. The Company has not disposed off any part of its fixed assets
during the year.

2. Inventory.

As explained to me, inventories are physically verified during the year
at reasonable intervals by the Management of the Company.

In my opinion and according to the information & explanation given to
me, the procedures of physical verification of Inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.

In my opinion and according to the information & explanation given to
me, the Company is maintaining proper records of inventory and
discrepancies noticed on physical verification as compared to book
records are not material and the same have been properly dealt with in
the Books of Account.

3. The Company has not raised any fund during the year

4. In my opinion and according to the information and explanations
given to me, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. During the course of my audit, I have not observed any major
lacunas in internal controls.

5. Based on my audit procedures applied by me and according to the
information and explanation provided by the Management, there are no
transactions that need to be entered into the register maintain under
section 301 of the Act .

6. The Company has not received any public deposits during the
financial year, therefore compliance of section 58A and 58AA of the
companies Act. 1956 is not applicable.

7. In my opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.

8. The Company is not required to maintain Cost record under Section
209 (1) (d) of the Companies Act. 1956.

9. (a) In my opinion and according to the information and explanations
given to me, undisputed statutory dues including Provident Fund, Income
Tax and any other statutory dues have been regularly deposited in time
during the year with appropriate authorities and there no undisputed
statutory dues payable for a period of more than six months from the
date of becoming payable as at 31st March 2011.

(b) In my opinion and according to the information & explanations given
to me, there are no dues in respect of income tax and wealth tax that
have not been deposited on account of any dispute.

10. According to the records of the Company examined by me and the
information and explanations given to me, there are no dues payable to
any financial institutions or banks or debenture holders as at the
balance sheet date.

11. According to the information & explanations given to me, the
Company has not granted any loans and advances on the basis security by
way of pledge of shares, debentures and other securities.

12. In my opinion, the Company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, clause 4 (xiii) ofthe Companies
(Auditor''s Report) order 2003 is not applicable to the company.

13. In my opinion, the Company has maintained records of transactions
& contracts in respect of trading in Securities & Commodities & other
investments and timely entries have been made therein. In my opinion,
according to the information and explanations given to me, the Company
has not given any guarantee for loans taken by others from banks and
financial institutions. Hence the clause is not applicable.

14. In my opinion, the Company has not raised any term loan.
Therefore, the provisions of Clause 4(xvi) of the Order are not
applicable to the Company.

15. According to the information and explanations given to me and on
an overall examination of the Balance Sheet of Company, I report that
as the Company has not raised any fund on short-term basis so reporting
under this clause is not required.

16. According to the information and explanations given to me, the
Company has not made any preferential allotment of shares to any
parties or companies covered in the register maintained under section
301 of the Companies Act. 1956.

17. The Company has not raised any money through a public issue during
the year.

18. During the course of my examination of the Books and Records of
the Company, carried out in accordance with the Generally Accepted
Auditing Practices in India, and according to the information and
explanations provided by the Management, I report that no fraud on or
by the Company has been noticed or reported during t he year.